BitPay’s Bitcoin Payments Volume Grows by 328%, On Pace for $1 Billion Yearly

[candy27]

https://blog.bitpay.com/bitpay-growth-2017/

As the world's leading bitcoin payments platform, we get a deep look into how bitcoin is solving real payment problems. To the extent we've helped to solve those problems, we've seen major growth this year. We're now on pace to process over $1B annually in bitcoin payment acceptance and payouts, and we've already grown our payments dollar volume 328% year-over-year from 2016.

While we explore new use cases for bitcoin payments, we've continued to see growth in bitcoin spending with BitPay's merchants, from electronics sales to precious metals purchases. Altogether, BitPay's merchants are receiving $110M+ in bitcoin payments per month.

Major electronics retailer and long-time BitPay merchant NewEgg has more than doubled its bitcoin sales from last year. Other flagship BitPay merchants have also enjoyed a prosperous year, with many merchants receiving over a $1M a month in payments from customers. Precious metals broker JM Bullion gained nearly $4M in bitcoin sales in the month of June alone.

Where is all this growth coming from? Payments to BitPay merchants in Europe and North America continue to grow steadily. But we've also seen a more than doubling in transactions going to Latin American merchants since August of last year

[gentlemand]

A great service. I do wish they weren't meddling with the soul of Bitcoin with all this 2X stuff though. They've been awarded too much influence though it's well earned indeed.

Their attempt to get Bitcore users to upgrade to BTC1 nodes without telling them what that entailed was a particular low.

[~Bitcoin~]

BitPay's merchants are receiving $110M+ in bitcoin payments per month.

Thats quite huge amount they are processing and they are taking 1% from all those payments which will be around $1 Million per month wow thats really awesome profit they are making.

I will be looking forward to invest in projects similar to bitpay through ICO if there will be any in future.

[Yuuto]

They were one of the pioneers of integrating bitcoin payments for merchants so this is not surprising at all. Other services such as coinpayments is simply no match for the size of Bitpay.

This also shows that bitcoin is actually used to buy goods on the internet and used by many as a currency. It is not merely an asset which people hold. I mean even though $1 billion is a lot, i think that in the future the trend will take this figure for bitpay ALONE to at least $20-30 billion a year by 2025.

[pooya87]

i always love these reports that BitPay releases every now and then. i have seen the previous ones for the previous years too, they had a nice volume chart to them which is missing this time.
but i like it because this is not showing some random transactions on blockchain which we don't know what they are, it is not the trading volume which only shows how many speculators we have, it is not gambling volume,.....

it is the best volume we can hope for: the merchants volume.
this shows that despite all the negativity and all those certain people calling bitcoin "only store of value" the market disagrees and uses bitcoin as a currency more and more every day.

[Catmony]

Actually there is almost no any good alternative to bitpay so all merchants are just using them as third party bitcoin processors. This growth they have also suggest many new merchants are now accepting bitcoin as payment method (atleast for deposit), lately skrill and neteller have also added bitcoin as deposit method which is quite shocking for me.

Skrill and Neteller wants to target bitcoin users to remain in online payment business  

[Baofeng]

Actually there is almost no any good alternative to bitpay so all merchants are just using them as third party bitcoin processors. This growth they have also suggest many new merchants are now accepting bitcoin as payment method (atleast for deposit), lately skrill and neteller have also added bitcoin as deposit method which is quite shocking for me.

Skrill and Neteller wants to target bitcoin users to remain in online payment business  

Skrill and Neteller wants to take a slice of the pie. As evident by how much Bitpay has profited as being a third party. They have really captured most of the market and with little competition, its not quite surprising to see them at the top. But I'm seeing the Skrill and Neteller entering the picture. So let's see how it goes. Although they are new in the business, Healthy competition is good for us. At least we have options right now and I do hope that they will offer good service as well.

[gribble]

A great service. I do wish they weren't meddling with the soul of Bitcoin with all this 2X stuff though. They've been awarded too much influence though it's well earned indeed.

Their attempt to get Bitcore users to upgrade to BTC1 nodes without telling them what that entailed was a particular low.

Yes it is great service, also bitpay suspend all services during the segwit2x hard fork reasons for it is the company’s top priority is the safety and security of its users, they are protecting the user's bitpay. I'm not surprised bitpay's payment volume grows by 328% or maybe more than it, due to they are really a professional in service bitcoin payment.

[trifiz]

https://blog.bitpay.com/bitpay-growth-2017/

As the world's leading bitcoin payments platform, we get a deep look into how bitcoin is solving real payment problems. To the extent we've helped to solve those problems, we've seen major growth this year. We're now on pace to process over $1B annually in bitcoin payment acceptance and payouts, and we've already grown our payments dollar volume 328% year-over-year from 2016.

While we explore new use cases for bitcoin payments, we've continued to see growth in bitcoin spending with BitPay's merchants, from electronics sales to precious metals purchases. Altogether, BitPay's merchants are receiving $110M+ in bitcoin payments per month.

Major electronics retailer and long-time BitPay merchant NewEgg has more than doubled its bitcoin sales from last year. Other flagship BitPay merchants have also enjoyed a prosperous year, with many merchants receiving over a $1M a month in payments from customers. Precious metals broker JM Bullion gained nearly $4M in bitcoin sales in the month of June alone.

Where is all this growth coming from? Payments to BitPay merchants in Europe and North America continue to grow steadily. But we've also seen a more than doubling in transactions going to Latin American merchants since August of last year

Bitpay is a great service.
Recently seen this incredible increase are emerging as many payment gateways and payment processors as monetha request utrust etc ... this is a market destined to further increase